NextDecade Corp ownership disclosure: a group led by General Atlantic and related Atlantic Park entities reports shared beneficial ownership positions in NextDecade common stock.
The filing shows APSC II Holdco I holds 8,495,310 shares (3.0%) and APSC II Holdco II holds 8,386,255 shares (3.0%); several related entities report shared voting and dispositive power over 16,881,565 shares (displayed as 6.0%). Percentages are calculated on an aggregate base of 281,811,630 shares.
Positive
None.
Negative
None.
Insights
Group filing signals coordinated beneficial ownership structure across related entities.
The filing describes a group of related General Atlantic and Atlantic Park entities that may be deemed to share voting and dispositive power over the amounts shown, including 16,881,565 shares noted on several cover rows. The filing lists the ownership paths and entity relationships that create shared control.
Key dependency: the percentages use a base of 281,811,630 shares. Future disclosures or conversions (e.g., Convertible Loans convertible into 8,495,310 shares after May 16, 2026) will affect reported percentages.
Positions include warrants and convertible loan conversion rights that can create near‑term issuance.
The disclosure states APSC II Holdco I has a right to acquire 8,495,310 shares upon conversion of $80,705,443 of Convertible Loans at an exchange price of $9.50 per share, effective on or after May 16, 2026. APSC II Holdco II directly holds 8,386,255 warrants exercisable into specified tranches of common stock at listed exercise prices.
Cash‑flow treatment and timing for conversions/exercises are tied to the stated mechanics; subsequent filings will show whether these instruments are exercised or converted.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
NextDecade Corp
(Name of Issuer)
Common Stock, $0.0001 par value
(Title of Class of Securities)
65342K105
(CUSIP Number)
03/17/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
65342K105
1
Names of Reporting Persons
GASC GP, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
16,881,565.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
16,881,565.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
16,881,565.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.0 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
65342K105
1
Names of Reporting Persons
General Atlantic Partners, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
16,881,565.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
16,881,565.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
16,881,565.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.0 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
65342K105
1
Names of Reporting Persons
GAP Holdings GP, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
16,881,565.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
16,881,565.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
16,881,565.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.0 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
65342K105
1
Names of Reporting Persons
Atlantic Park UGP, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
16,881,565.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
16,881,565.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
16,881,565.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.0 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
65342K105
1
Names of Reporting Persons
Atlantic Park Strategic Capital Fund II GP, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
16,881,565.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
16,881,565.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
16,881,565.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.0 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
65342K105
1
Names of Reporting Persons
Atlantic Park Strategic Capital Master Fund II, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,495,310.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,495,310.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,495,310.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.0 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
65342K105
1
Names of Reporting Persons
Atlantic Park Strategic Capital Parallel Master Fund II, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,386,255.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,386,255.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,386,255.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.0 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
CUSIP Number(s):
65342K105
1
Names of Reporting Persons
APSC II Holdco I, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
BERMUDA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,495,310.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,495,310.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,495,310.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.0 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP Number(s):
65342K105
1
Names of Reporting Persons
APSC II Holdco II, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,386,255.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,386,255.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,386,255.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.0 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
NextDecade Corp
(b)
Address of issuer's principal executive offices:
1000 LOUISIANA STREET, SUITE 3300, HOUSTON, TX 77002
Item 2.
(a)
Name of person filing:
This Statement is being filed on behalf of each of the following persons (collectively, the "Reporting Persons"):
(i) GASC GP, LLC ("GASC GP")
(ii) General Atlantic Partners, L.P. ("GAP LP")
(iii) GAP Holdings GP, LLC ("GAP Holdings GP")
(iv) Atlantic Park UGP, LLC ("AP UGP")
(v) Atlantic Park Strategic Capital Fund II GP, L.P. ("Atlantic Park II")
(vi) Atlantic Park Strategic Capital Master Fund II, L.P. ("AP Master Fund II")
(vii) Atlantic Park Strategic Capital Parallel Master Fund II, L.P. ("AP Parallel Fund II")
(viii) APSC II Holdco I, L.P. ("APSC II Holdco I"); and
(ix) APSC II Holdco II, L.P. ("APSC II Holdco II").
(b)
Address or principal business office or, if none, residence:
The address of GASC GP, GAP LP and GAP Holdings GP is c/o General Atlantic Service Company, L.P., 55 East 52nd Street, 33rd Floor, New York, NY 10055. The address of APSC Holdco I, APSC Holdco II, AP Parallel Fund II, AP Master Fund II, Atlantic Park II and AP UGP is c/o General Atlantic Credit, 55 East 52nd St, 33rd Floor, New York, NY 10055.
(c)
Citizenship:
See Row (4) of each Reporting Person's cover page.
(d)
Title of class of securities:
Common Stock, $0.0001 par value
(e)
CUSIP Number(s):
65342K105
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
As of March 24, 2025, the Reporting Persons owned the following number of shares of Common Stock, par value $0.0001 per share (the "common stock"), of NextDecade Corporation (the "Company"):
(i) GASC GP, LLC owned of record no shares of common stock or 0.0% of the issued and outstanding shares of common stock.
(ii) GAP LP owned of record no shares of common stock or 0.0% of the issued and outstanding shares of common stock.
(iii) GAP Holdings GP owned of record no shares of common stock or 0.0% of the issued and outstanding shares of common stock.
(iv) AP UGP owned of record no shares of common stock or 0.0% of the issued and outstanding shares of common stock.
(v) Atlantic Park II owned of record no shares of common stock or 0.0% of the issued and outstanding shares of common stock.
(vi) AP Master Fund II owned of record no shares of common stock or 0.0% of the issued and outstanding shares of common stock.
(vii) AP Parallel Fund II owned of record no shares of common stock or 0.0% of the issued and outstanding shares of common stock.
(viii) APSC II Holdco I owned of record 8,495,310 shares of common stock or 3.0% of the issued and outstanding shares of common stock.
(ix) APSC II Holdco II owned of record 8,386,255 shares of common stock or 3.0% of the issued and outstanding shares of common stock.
The limited partner of APSC II Holdco I that shares beneficial ownership of the shares of common stock held by APSC II Holdco I is AP Master Fund II. The limited partner of APSC II Holdco II that shares beneficial ownership of the shares of common stock held by APSC II Holdco II is AP Parallel Fund II. The general partner of APSC II Holdco I, APSC II Holdco II, AP Master Fund II and AP Parallel Fund II is Atlantic Park II. The General Partner of Atlantic Park II is AP UGP. GAP Holdings GP is the sole member of AP UGP. GAP LP is the sole member of GAP Holdings GP. The general partner of GAP LP is GASC GP, LLC which is controlled by the Partnership Committee of GASC MGP, LLC (the "Partnership Committee").
By virtue of the foregoing, the Reporting Persons may be deemed to share voting power and the power to direct the disposition of the shares that each owns of record. As of the date hereof, there are six members of the Partnership Committee. Each of the members of the Partnership Committee disclaims ownership of the shares of common stock reported herein except to the extent he has a pecuniary interest therein. The name, the address and the citizenship of each of the members of the Partnership Committee as of the date hereof is attached hereto as Schedule A and is hereby incorporated by reference.
Amount Beneficially Owned: By virtue of the relationship described above, each of the Reporting Persons may be deemed to beneficially own the shares of common stock indicated on row (9) on such Reporting Person's cover page included herein.
APSC II Holdco I will have the right to acquire 8,495,310 common shares upon the conversion of $80,705,443 principal amount of convertible loans at an exchange price of $9.50 per share (the "Convertible Loans") on or after May 16, 2026.
APSC II Holdco II directly holds 8,386,255 warrants which are currently exercisable to acquire 3,579,499 shares of common stock currently exercisable at an exercise price of $7.15 per share (subject to adjustment), 3,579,499 shares of common stock at an exercise price of $9.30 per share (subject to adjustment) and 1,227,527 shares of common stock at an exercise price of $9.30 per share (subject to adjustment) (the "Warrants").
(b)
Percent of class:
The percentages used herein are calculated based upon on an aggregate of 281,811,630 shares of common stock, consisting of (i) 264,930,065 shares of common stock reported by the Company to be outstanding as of February 20, 2026 reflected in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on March 2, 2026, (ii) 8,495,310 shares of common stock issuable upon the conversion of the Convertible Loans and (iii) 8,386,255 issuable upon the exercise of the Warrants.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Each of the Reporting Persons may be deemed to have the sole power to direct the voting of the shares of common stock indicated on Row (5) of each such Reporting Person's cover page included herein.
(ii) Shared power to vote or to direct the vote:
Each of the Reporting Persons may be deemed to share the power to direct the voting of the shares of common stock indicated on Row (6) of each such Reporting Person's cover page included herein.
(iii) Sole power to dispose or to direct the disposition of:
Each of the Reporting Persons may be deemed to have the sole power to direct the dispositions of the shares of common stock indicated on Row (7) of each such Reporting Person's cover page included herein.
(iv) Shared power to dispose or to direct the disposition of:
Each of the Reporting Persons may be deemed to share the power to direct the dispositions of the shares of common stock indicated on Row (8) of each such Reporting Person's cover page included herein.
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(K), so indicate under Item 3(k) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
See Item 2, which states the identity of the members of the group filing this Schedule 13G.
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
GASC GP, LLC
Signature:
/s/ Michael Gosk
Name/Title:
Michael Gosk, Managing Director
Date:
03/24/2026
General Atlantic Partners, L.P.
Signature:
/s/ Michael Gosk
Name/Title:
Michael Gosk, Managing Director of GASC GP, LLC, its general partner
Date:
03/24/2026
GAP Holdings GP, LLC
Signature:
/s/ Michael Gosk
Name/Title:
Michael Gosk, Managing Director of General Atlantic Partners, L.P., its sole member
Date:
03/24/2026
Atlantic Park UGP, LLC
Signature:
/s/ George Fan
Name/Title:
George Fan, Authorized Signatory
Date:
03/24/2026
Atlantic Park Strategic Capital Fund II GP, L.P.
Signature:
/s/ George Fan
Name/Title:
George Fan, Authorized Signatory of Atlantic Park UGP, LLC, its general partner
Date:
03/24/2026
Atlantic Park Strategic Capital Master Fund II, L.P.
Signature:
/s/ George Fan
Name/Title:
George Fan, Authorized Signatory of Atlantic Park UGP, LLC, its general partner
Date:
03/24/2026
Atlantic Park Strategic Capital Parallel Master Fund II, L.P.
Signature:
/s/ George Fan
Name/Title:
George Fan, Authorized Signatory of Atlantic Park UGP, LLC, its general partner
Date:
03/24/2026
APSC II Holdco I, L.P.
Signature:
/s/ George Fan
Name/Title:
George Fan, Authorized Signatory of Atlantic Park UGP, LLC, the GP of Atlantic Park Strategic Capital Fund II GP, L.P., its GP
Date:
03/24/2026
APSC II Holdco II, L.P.
Signature:
/s/ George Fan
Name/Title:
George Fan, Authorized Signatory of Atlantic Park UGP, LLC, the GP of Atlantic Park Strategic Capital Fund II GP, L.P., its GP
Date:
03/24/2026
Exhibit Information
Exhibit 1 - Joint Filing Agreement as required by Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as amended.
What stake does General Atlantic report in NextDecade (NEXT)?
General Atlantic and related entities report shared beneficial ownership that includes positions of 16,881,565 shares reported as 6.0% on several cover rows, calculated on a 281,811,630 share base.
How many shares does APSC II Holdco I hold in NEXT and how is that computed?
APSC II Holdco I is disclosed as owning 8,495,310 shares, shown as 3.0% of a 281,811,630 share aggregate that includes convertible and warrant‑issuable shares.
What convertible instruments does the filing disclose for NEXT ownership?
The filing states Convertible Loans convertible into 8,495,310 shares at $9.50 per share upon conversion of $80,705,443, exercisable on or after May 16, 2026
What warrants are held by APSC II Holdco II in NEXT?
APSC II Holdco II directly holds 8,386,255 warrants, exercisable into specified tranches totaling 8,386,255 issuable shares with exercise prices including $7.15 and $9.30 per disclosed tranche.
What is the ownership percent base used in the filing for NEXT?
Percentages are calculated on an aggregate of 281,811,630 shares, which combines the Company’s reported outstanding shares and the shares issuable upon conversion/exercise described in the filing.
